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CMG · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 9.3% y/y to $3.35B, operating margin 15.7% vs 18.2%, net income $404M (−7.5% y/y).
Net income
$404M
down 7.5% y/y
Total revenue
$3,349M
up 9.3% y/y
Income from operations
$526M
down 6.0% y/y
- Total revenue +9.3% — new restaurant openings and, to a lesser extent, comparable restaurant sales
Source
«Total revenue in the second quarter of 2026 was $3.3 billion, an increase of 9.3% compared to the second quarter of 2025. The increase was driven by new restaurant openings and, to a lesser extent, comparable restaurant sales.»
press release, 8-K
All figures in $M.
| Line item | Amount and change |
|---|---|
| Food and beverage revenue | $3,333 · +9.4% |
| Delivery service revenue | $15.8 · +0.8% |
| Total revenue | $3,349 · +9.3% |
| Food, beverage and packaging | $994 · +12.1% |
| Labor | $836 · +10.6% |
| Occupancy | $174 · +12.9% |
| Other operating costs | $500 · +16.6% |
| General and administrative expenses | $190 · +10.6% |
| Depreciation and amortization | $98.3 · +8.1% |
| Pre-opening costs | $16.4 · +54.2% |
| Impairment, closure costs, and asset disposals | $13.8 · +153% |
| Income from operations | $526 · −6.0% · 15.7% margin |
| Interest and other income, net | $7.7 · −58.2% |
| Income before income taxes | $533 · −7.6% |
| Provision for income taxes | $130 · −8.2% · 24.3% effective rate |
| Net income | $404 · −7.5% · $0.32/sh · 12.1% margin |
Verdict: revenue grew 9.3% y/y to $3.35B, operating margin 15.7% vs 18.2%, net income $404M (−7.5% y/y).
Source and notation
Source: Chipotle Mexican Grill press release, 8-K EX-99.1 of 07/29/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against SEC XBRL.
Open as an image: CMG, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “CMG Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/cmg/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/cmg/q2-2026"><img src="https://whoreportstoday.com/t/cmg/q2-2026/sankey.png" alt="CMG Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/cmg/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/cmg/q2-2026">CMG Q2 2026 earnings chart (Who Reports Today)</a>
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- Operating income was $526M, a 15.7% margin vs 18.2% a year earlier.
- The effective tax rate was 24.3% vs 24.5% a year earlier.
- Diluted EPS was $0.32 vs $0.32 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
CMG — a restaurant company that owns and operates Chipotle Mexican Grill restaurants serving burritos, bowls, quesadillas, tacos and salads, almost all in the United States, with a small number abroad and some partner-operated locations.
Its revenue comes from sales at its restaurants, and it reports a single segment. · Source: annual report (Form 10-K, SEC)
Heads-up
- net income fell 8% y/y in Q2 2026
Net income for Q2 2026: $404M, −8% y/y. In the report's figures: costs grew faster than revenue: other operating costs +17% y/y, impairment, closure costs, and asset disposals +153% y/y, pre-opening costs +54% y/y. Based on the Q2 2026 report.
The company's report ↗More reports: CVNA · Q3 2026 · DASH · Q3 2026 · DECK · Q2 FY2027 · DHI · Q3 FY2026 · DPZ · Q3 FY2026 · DRI · Q1 FY2027 · EBAY · Q3 2026 · EXPE · Q2 2026 · F · Q2 2026 · GM · Q3 2026 · all reports